發(fā)布時(shí)間：2018-03-18 18:49

  本文選題：定向增發(fā)　切入點(diǎn)：長(zhǎng)期市場(chǎng)表現(xiàn)　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：由于我國(guó)是在2006年5月開啟定向增發(fā)再融資，我國(guó)學(xué)者的研究對(duì)于增發(fā)后的短期表現(xiàn)的研究相對(duì)較多。并且由于樣本期間的限制，對(duì)于長(zhǎng)期股價(jià)表現(xiàn)以及經(jīng)營(yíng)績(jī)效的研究只用一年作為樣本研究期間研究股價(jià)的變化。鑒于此，本文以發(fā)行公告日為基準(zhǔn)，通過選取長(zhǎng)達(dá)6年的樣本，研究定向增發(fā)后2年長(zhǎng)期股價(jià)表現(xiàn)；另外，認(rèn)購(gòu)定向增發(fā)的投資者的身分不同（大股東是否參與）、大股東采用是現(xiàn)金還是資產(chǎn)認(rèn)購(gòu)定向增發(fā)方式；上市公司定向增發(fā)的用意不同，例如并購(gòu)、項(xiàng)目融資等細(xì)分角度對(duì)上市公司長(zhǎng)期股價(jià)表現(xiàn)進(jìn)行了研究，并專題研究了并購(gòu)類定向增發(fā)的股價(jià)表現(xiàn)。 本文以2006-2011年A股上市公司為研究對(duì)象，對(duì)在中國(guó)深圳和上海兩地市場(chǎng)實(shí)施定向增發(fā)融資的股價(jià)超額回報(bào)率進(jìn)行了研究，采用BHAR辦法計(jì)算，比較系統(tǒng)地檢驗(yàn)了上市公司在實(shí)行定向增發(fā)后，其股價(jià)的3、6、12及24個(gè)月的長(zhǎng)期市場(chǎng)表現(xiàn)。我們的統(tǒng)計(jì)結(jié)果表明:上市公司在實(shí)施定向增發(fā)后，3、6、12、24個(gè)月內(nèi)的股價(jià)回報(bào)率顯著為正，但是超額回報(bào)率不顯著為正。表明在中國(guó)資本市場(chǎng)上，我們的定向增發(fā)的長(zhǎng)期回報(bào)與美國(guó)市場(chǎng)上的長(zhǎng)期表現(xiàn)不佳的結(jié)論所不同。同時(shí)在中國(guó)市場(chǎng)上，，投資者對(duì)上市公司定向增發(fā)宣告信息反應(yīng)不足。 此外，我們發(fā)現(xiàn)，與非大股東參與的案例樣本相比，當(dāng)只有大股東參與認(rèn)購(gòu)定向增發(fā)股份的時(shí)候，公司股價(jià)的長(zhǎng)期表現(xiàn)無(wú)明顯差異，但是結(jié)果并不顯著。而當(dāng)大股東以資產(chǎn)認(rèn)購(gòu)定向增發(fā)股份后，公司長(zhǎng)期股價(jià)表現(xiàn)在未來(lái)3、6、12及24個(gè)月的期間內(nèi)，均顯著優(yōu)于以現(xiàn)金認(rèn)購(gòu)的樣本。 以并購(gòu)重組類為題材的股票能夠跑贏相應(yīng)行業(yè)，而項(xiàng)目融資類的表現(xiàn)相對(duì)弱于行業(yè)表現(xiàn)，符合投資者過度樂觀假說。并購(gòu)重組類的顯著為正的購(gòu)買持有收益主要來(lái)自于系統(tǒng)性收益，只有極個(gè)別的細(xì)分情況能夠跑贏行業(yè)。相對(duì)而言，股東注入資產(chǎn)類的長(zhǎng)期表現(xiàn)相對(duì)優(yōu)異，說明大股東并未通過定向增發(fā)來(lái)輸送利益，侵占中小投資者的利益。而產(chǎn)業(yè)并購(gòu)和借殼上市類別的不能夠顯著跑贏行業(yè)。對(duì)于投資者而言，需要加強(qiáng)對(duì)標(biāo)的公司的篩選，把握項(xiàng)目投資風(fēng)險(xiǎn)，做好對(duì)未來(lái)盈利的預(yù)測(cè)，精選個(gè)股來(lái)進(jìn)行投資，方能獲得較好的超額收益。
[Abstract]:Since our country started to refinance in May 2006, there are many researches on the short-term performance after the issuance in our country, and because of the limitation of sample period, The study of long-term stock price performance and operating performance only takes one year as a sample to study the change of stock price. In view of this, based on the issue announcement date, this paper selects a sample for up to 6 years. In addition, the identity of the investors who subscribe for the IPO is different (whether the majority shareholders participate in the IPO, the majority shareholders adopt the method of cash or asset subscription for the directional issuance; The intention of listed companies is different, such as M & A, project financing and so on. The long-term performance of listed companies is studied, and the performance of M & A is studied. In this paper, A shares listed companies from 2006 to 2011 as the research object, in Shenzhen and Shanghai markets in China, the implementation of additional share prices in both markets, the excess return rate of stock prices, using the BHAR method to calculate, This paper systematically examines the long-term market performance of the stock price of the listed company in the past 12 months and 24 months after the implementation of the IPO. Our statistical results show that the return on the stock price of the listed company is significantly positive within 24 months after the implementation of the IPO. But the excess return is not significantly positive. It means that the long-term return of our placement in China is different from the conclusion that the long-term performance of the US market is not good. At the same time, in the Chinese market, Investors to the listed companies targeted issuance announcement information response is insufficient. In addition, we find that there is no significant difference in the long-term performance of the share price of the company when only the majority shareholder participates in the subscription of the additional shares, compared with the sample of the case in which the non-major shareholders participate. But the results were not significant, and when major shareholders subscribed for additional shares on an asset basis, the long-term performance of the company's stock price over the next 36 months and 24 months was significantly better than the cash subscription sample. The stocks with M & A as the subject matter can outperform the corresponding industries, while the performance of the project financing category is relatively weaker than the performance of the industry. According to the hypothesis of excessive optimism of investors, the significantly positive purchasing and holding income of M & A category mainly comes from systemic income, and only a few subdivisions can outperform the industry. The relatively good long-term performance of the shareholders in the asset class shows that the majority shareholders have not been able to convey their benefits through the issuance of additional shares. Encroaching on the interests of small and medium-sized investors. But the category of industrial mergers and acquisitions and backdoor listings cannot outperform the industry. For investors, it is necessary to strengthen the screening of the target companies, grasp the investment risks of the projects, and make a good prediction of future profits. Select individual stocks to invest in order to obtain better excess returns.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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